The advice came at an annual meeting of FICIL and ministers to discuss joint areas of action.
A clear tax policy, education, transparent and clear transport and energy policy, as well as actively combating economic crimes - these are the main areas requiring attention, in FICIL's view.
FICIL Honorary President Steven Oldfield said such mesures would help reassure investors wondering whether to put their money into Latvia or not.
"The head of government promised to take these investors' concerns into account and that results will be visible in practice, including in the fight against economic crimes," Oldfield said.
"There is a healthy debate between the government and investors on the pace of implementation of this [tax] reform. I feel that the government has the desire to implement these reforms quickly," said Prime Minister Māris Kučinskis, though he suggested FICIL should perhaps take more of a medium-term view over three years.
— FICILatvia (@FICILatvia) May 26, 2017